https://www.taxtmi.com/caselaws?id=10652 The High Court of Gujarat ruled in favor of a public charitable trust in a case concerning the treatment of a written-off loan amount as expenditure under section 11 of the Income-tax Act, 1961. The court held that the trust had indeed applied its income by waiving the loan amount for charitable purposes, aligning with the provisions of the Act. It emphasized that adjusting expenses against income in subsequent years qualifies as applying income for charitable purposes, ultimately granting the benefit of section 11 to the trust and ruling against the Revenue. en-us Tue, 12 Jul 2005 00:00:00 +0530 Tue, 21 Jul 2009 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10652 The High Court of Gujarat ruled in favor of a public charitable trust in a case concerning the treatment of a written-off loan amount as expenditure under section 11 of the Income-tax Act, 1961. The court held that the trust had indeed applied its income by waiving the loan amount for charitable purposes, aligning with the provisions of the Act. It emphasized that adjusting expenses against income in subsequent years qualifies as applying income for charitable purposes, ultimately granting the benefit of section 11 to the trust and ruling against the Revenue. Case-Laws Income Tax Tue, 12 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10652